Real estate development management software platform Rabbet announced on Tuesday, September 21, its partnership with the accounts payable (AP) and payment automation solution AvidXchange on a program to improve invoice management for real estate developers.
Through the coupling, Rabbet’s technology will communicate with AvidInvoice, AvidXchange’s electronic invoicing solution, to reduce duplication of invoice data so that it can be paid faster and with fewer errors.
“This partnership not only strengthens our position in the real estate industry, but will also provide a better experience for Rabbet clients,” said Joe Fox, product director of AvidXchange, in the joint announcement. “By working together, we hope clients will see a significant impact on the collaboration between their development teams and their accounting teams, and on the transformation of their day-to-day invoicing processes. “
AvidXchange will help Rabbet clients improve collaboration between accounting teams and maximize efficiency. Commercial real estate company Stream Realty Partners, a client of both Rabbet and AvidXchange, is already seeing the benefits of this partnership.
“Now, thanks to the partnership between Rabbet and AvidXchange, our accounting team and our development team can trust their information and execute their respective processes with ease,” said Albert Jarrell, partner and general manager of construction management for Stream Realty Partners, in the joint announcement. “By using both AvidXchange and Rabbet, invoice management has become much more efficient. “
Rabbet CEO Will Mitchell is excited about the twinning with AvidXchange. “Our latest report on construction payments showed that slow payments cost the industry more than $ 100 billion last year,” he said in the joint announcement. “By partnering with AvidXchange, we are taking an exciting step towards our goal of streamlining payments in construction finance, allowing real estate development companies to save time, reduce errors and build stronger relationships with all stakeholders of the project. “
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